RBI issues guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks

To enable the co-operative banks to put in place necessary safeguards for addressing the risks inherent in outsourcing of activities, the RBI has issued guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks. In addition, Co-operative banks are also advised to conduct a self-assessment of their existing outsourcing arrangements and bring the same in line with these guidelines within a period of six months from the date of issue of this circular.To enable the co-operative banks to put in place necessary safeguards for addressing the risks inherent in outsourcing of activities, the RBI has issued guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks. In addition, Co-operative banks are also advised to conduct a self-assessment of their existing outsourcing arrangements and bring the same in line with these guidelines within a period of six months from the date of issue of this circular.taxmann.com Latest Statutory HappeningsRead More

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